A composition contains stearic acid and water-soluble physiologically active peptide dispersed into microcapsules containing lactic acid polymer or salt thereof, which is dissolved within volatile solvent immiscible with water for preparation of said composition, and water-soluble physiologically active peptide is dissolved within solvent miscible with water. Received solutions are mixed together and the stearic acid is added thereto. Received solution is dispersed into solution containing surfactant, and an O/W type emulsion is received； then, the solvents are removed from prepared microcapsules.
